Ninety One UK Ltd Sells 173,863 Shares of NOV Inc. $NOV

Key Points

• Ninety One UK Ltd cut its NOV stake by 12.2%, selling 173,863 shares and now holds 1,253,097 shares (≈0.34% of the company) worth about $19.59 million.
• Insider selling: Joseph W. Rovig sold 151,086 shares and VP Craig L. Weinstock sold 70,000 shares in late February, reducing their positions by ~35.9% and ~21.5%, respectively.
• Mixed financials and payout change: NOV missed EPS expectations ($0.02 vs. $0.25 est.) but beat revenue estimates, and raised its quarterly dividend to $0.09 (annualized $0.36, ~1.9% yield) with a ~94.7% payout ratio.

Ninety One UK Ltd lowered its position in NOV Inc. (NYSE:NOV - Free Report) by 12.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,253,097 shares of the oil and gas exploration company's stock after selling 173,863 shares during the quarter. Ninety One UK Ltd owned approximately 0.34% of NOV worth $19,586,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of NOV. Royal Bank of Canada grew its stake in NOV by 15.6% in the first quarter. Royal Bank of Canada now owns 49,721 shares of the oil and gas exploration company's stock worth $756,000 after purchasing an additional 6,711 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in NOV by 35.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 161,927 shares of the oil and gas exploration company's stock worth $2,465,000 after purchasing an additional 42,462 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in NOV by 17.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,062,292 shares of the oil and gas exploration company's stock worth $16,168,000 after purchasing an additional 157,385 shares in the last quarter. Focus Partners Wealth bought a new position in NOV in the first quarter worth approximately $214,000. Finally, Cetera Investment Advisers bought a new position in NOV in the second quarter worth approximately $190,000. Institutional investors own 93.27% of the company's stock.

Insiders Place Their Bets

In other NOV news, insider Joseph W. Rovig sold 151,086 shares of NOV stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $20.17, for a total transaction of $3,047,404.62. Following the completion of the sale, the insider owned 269,694 shares of the company's stock, valued at approximately $5,439,727.98. The trade was a 35.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Craig L. Weinstock sold 70,000 shares of NOV stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $20.08, for a total value of $1,405,600.00. Following the sale, the vice president directly owned 256,319 shares of the company's stock, valued at approximately $5,146,885.52. This represents a 21.45% decrease in their position. The SEC filing for this sale provides additional information. 2.08% of the stock is owned by company insiders.

NOV Stock Down 0.6%

NOV stock opened at $19.07 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.42 and a quick ratio of 1.67. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of 50.19 and a beta of 0.94. NOV Inc. has a 1-year low of $11.44 and a 1-year high of $20.85. The business has a fifty day moving average price of $19.26 and a 200-day moving average price of $16.98.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings data on Thursday, February 5th. The oil and gas exploration company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($0.23). The business had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.17 billion. NOV had a return on equity of 3.57% and a net margin of 1.66%.The firm's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 EPS. Equities research analysts forecast that NOV Inc. will post 1.4 EPS for the current fiscal year.

NOV Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, March 13th. This is a positive change from NOV's previous quarterly dividend of $0.08. NOV's payout ratio is 94.74%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NOV. Argus raised NOV to a "hold" rating in a research report on Tuesday, February 10th. Morgan Stanley increased their target price on NOV from $18.00 to $20.00 and gave the company an "equal weight" rating in a research report on Wednesday. Citigroup increased their target price on NOV from $17.00 to $20.00 and gave the company a "neutral" rating in a research report on Wednesday, February 11th. Piper Sandler increased their target price on NOV from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, February 9th. Finally, Susquehanna increased their target price on NOV from $21.00 to $22.00 and gave the company a "positive" rating in a research report on Tuesday, April 7th. Three equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $18.93.

NOV Profile

National Oilwell Varco NYSE: NOV is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV's business is organized to serve upstream energy companies around the world.

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